Which of the following is not included in GDP calculations?
a. the value of an accountant's services
b. the value of 500 shares of Microsoft stock sold to an investor
c. the value of high-definition television sets produced, but not sold, during the year
d. the value of a haircut
b
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How does the social problem of positive externalities differ from the problem created by negative externalities?
A) Positive externalities can create free-rider problems; negative externalities do not. B) Positive externalities are created by altruistic people; negative externalities are not. C) Negative externalities can create free-rider problems; positive externalities do not. D) Negative externalities are created by selfish people; positive externalities are not. E) Trick question: neither positive nor negative externalities create a social problem.
In any given year, many people at the tails of the income distribution are only there temporarily _____
a. because of changes in the tax code b. making it difficult to track them for determining progressivity c. thereby overstating the progressive nature of the tax system d. making it important to look at the progressivity of the tax system in terms of lifetime income